Diamondback Energy restarts nearly all of its oil production as crude rebounds

Temporarily shut down after the coronavirus-driven oil crash this year.

Lifted its self-imposed reduction of 9 thousand barrels

 

 

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Source: Houston Chronicle

Oil Prices Hit Four-Month High On Vaccine Hopes

Oil prices surged early on Tuesday to their highest level since Saudi Arabia and Russia broke up the OPEC+ pact in early March

Tuesday, WTI Crude prices were surging by 3.41% at $42.20, while Brent Crude prices were rising by 3.28 percent on the day to $44.69

 

 

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Source: Oilprice.com

Second Wave Of COVID-19 Won’t Crush Oil Prices

OPEC+ agreed on Wednesday to cuts starting next month as the global economy slowly awakens from its deep Covid-19 slumber.

OPEC+ may have rushed to lift the curbs especially with Covid-19 cases spiking again in the pivotal U.S. market.

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman noted production, or 43% less

 

 

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Source: Oilprice.com

Oil prices at 4-month high as U.S. crude supply posts biggest decline of the year and OPEC+ tapers output cuts

OPEC+, said they will ease record prod. cuts of 9.7 barrels per day to 7.7 m barrels per day starting in Aug

Saudi Energy Minister said actual cuts will be at roughly 8.1 m to as much as 8.34 m barrels per day

 

 

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Source: Market Watch

 

 

ConocoPhillips CEO: ‘Shale will come back’

Ryan Lance, Conoco Phillips CEO, “We’re thinking of slowly coming back into the market

over the next few months and reducing the amount we’ve got curtailed because

we’re seeing some strengthening in the price,”

 

 

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Source: Houston Chronicle

The Price Rally Right Around The Corner

Concerns about demand due to increasing rates of coronavirus cases are taking a toll,

but oil’s ability to hold near $40 despite headwinds bodes well for the market.

 

 

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Source: Hellenic Shipping News

ConocoPhillips to ramp up U.S. oil production in July

ConocoPhillips plans to ramp up its oil production in the U.S. this month

Concho Energy and Parsley Energy are reopening existing wells

while EOG resources said it plans to increase production capacity in the third quarter.

 

 

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Source: Houston Chronicle

Permian Basin reclaims status as top destination for frac crews

It was a one-month reign for the Marcellus Basin of Pennsylvania.

The natural gas-rich Marcellus unseated the Permian as the top destination for frac crews in late May.

Since that time, 10 more hydraulic fracturing crews have returned to the field with the Permian seeing the lion’s share of those gains.

 

 

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Source: Houston Chronicle

Oil jumps 3% in volatile session as Fed promises aggressive asset purchases to support markets

Oil jumped more than 3% on Monday as the Federal Reserved announced aggressive asset purchases to support markets.

The central bank said it will continue to purchase Treasury securities and agency mortgage-backed securities

Traders are hoping that this additional support will put a floor under oil prices

 

 

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Source: CNBC

Oil surges 23% to post best day ever, rebounding from Wednesday’s steep losses

U.S. oil jumped more than 23% on Thursday for its best day on record, as it clawed back more than half of the losses from Wednesday’s swoon.

As tensions between the two countries escalate, President Donald Trump said the U.S. could intervene, which contributed to oil’s gains in afternoon trading.

 

 

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Source: CNBC